Menu
Menu
×

Business-Owners / Package

Business Insurance is the silent architect of entrepreneurial longevity, transforming risk into mitigated and calculated expenses

It's not merely a cost, but a foundational investment in resilience that enables innovation by allowing businesses to operate confidently in uncertainty, knowing that a single catastrophic event will not destroy their legacy.

What is business insurance?

Business insurance is a comprehensive package of coverages to protect your tangible assets like buildings, tenant/leasehold improvements, medical equipment, inventory, etc., as well as protect you from lawsuits ranging from client injury, copyright infringement to employee-related litigation.  Business insurance is provided by either a Business-Owner Policy (BOP), which is typically offered to small business owners, or a Package Policy which is designed for larger businesses or businesses located in coastal areas exposed to hurricanes.

Both a BOP or Package Policy generally combine business property and business liability insurance into one policy with many other important coverages. Both a BOP or Package policy can help cover your business from claims resulting from things like fire, theft, or other covered disasters. However, since most veterinary hospitals have less than $25 million in revenue and are considered by the insurance industry to be a small business, we are going to focus on the BOP here. Businesses can tailor their Business-Owner Policy to help meet their unique needs by adding optional coverages or additional limits for things like:
  • Buildings
  • Tenant / Leasehold Improvements
  • Medical equipment & Inventory
  • Mobile or off-premise business property
  • Employee Theft
  • The loss, injury or theft of an animal in your care, custody or control
  • A non-owned or hired (short-term leased) vehicle
  • A cyber intrusion, ransom or data breach
  • Business income loss of an off-premise utility service (water, power, etc.)
  • Loss of refrigerated inventory
  • A back-up of a sewer or drainpipe

A BOP can be designed to fit industry-specific businesses like a veterinary hospital. However, even corporate groups can benefit from a BOP if the total gross revenue per location is less than $15 million, but this can depend on specific appetites of each insurance carrier.

Customizing your policy is an important first step when insuring your business. Veterinarians especially should do this from the beginning to protect against losses and damages early on, which is why working with an agency that specializes in the business of VetMed is crucial to preventing a financial hardship that could result from a coverage gap in your policy.

Who needs a business insurance policy?

Whether you have a physical location (own or rent) or even if you are 100% mobile, your tangible assets can be damaged and clients can still get hurt and sue you. All business owners could benefit from a business-owner policy when they are working with the public, employee people or own assets.